Pivotal trends likely to impact process automation market

Recent trends in the global process automation market are characterised by various fund raising initiatives by prominent industry participants.

Citing an instance, in April 2020, Blue Prism announced its raising of more than US$124 million in equity financing amounting to a valuation of nearly $1.24 billion. As stated by Jason Kingdon, the CEO of Blue Prism, a major portion of the capital was moved towards bolstering the automation suite of the company.

In March 2020, Blue Prism had also rolled out a SARS-CoV-2 response task team for the performance of a variety of functions. This team was also collaborating with Leeds Building Society, the UK’s National Health Service, and the University of California for automating vaccine development, personnel, finance, and associated health care support functions.

Such developments are touted to push RPA industry demand, impelling the business landscape through the forthcoming years. The global robotic process automation market size is projected to surpass $23 billion by 2026, cites the latest research by Global Market Insights.

Few major trends propelling robotic process automation market growth include:

• Increasing number of collaborations in the Asia Pacific

Organisations in the Asia Pacific are focusing on partnerships and collaborations with key industry participants for furnishing various robotic process automation software solutions to the banking and healthcare sectors. In this regard, the China Construction Bank has opened a branch in Shanghai in April 2018, that is managed with the aid of AI-operated bots.

The Asia Pacific robotic process automation market size is anticipated to witness commendable growth over the estimated period on account of the surging number of investment initiatives in the IT & telecom industry.

• Surging demand for robotic process automation software

The ability of RPA software to provide a centralised platform for controlling business processes and supporting the auditing of information is poised to stimulate market demand through the ensuing years. This software also enables the automation of large scale data process as well as financial datasheet management, workflow management, and billing management.

Additionally, the integration of robotic process automation software with other digital technologies comprising AI, natural language processing, and machine learning is set to add more value to intelligent automation processing, in turn driving revenue augmentation through the projected span.

• Acquisition strategies of prominent market players

Major players in the robotic process automation industry are focusing on the development of numerous AI and machine-learning-powered RPA tools for the expansion of their product portfolio. These participants are keen to focus on the acquisition of small businesses for expanding their geographical footprint and increasing product penetration across various regions.

Citing an instance, SAP SE proceeded with the acquisition of Contextor in November 2018 for the purpose of accelerating the development and expansion of SAP Leonardo Machine Learning portfolio.

In the years to come, the increasing requirement for robotic process automation tools in the BFSI sector coupled with a surge in small-scale businesses across the United States will augment robotic process automation market growth, escalating industry valuation to a remarkable extent.